We wanted to bring you up to date with the government support and help that is available to small businesses right now.
We sent out some details last week of what the government had announced up to the end of Wednesday 18th March and we have uploaded that to our blog:
https://www.tmtaccounting.co.uk/blog/corona-email-update-19th-march-2020
We've spoken to a lot of our clients since sending that email and, so far, this is what we've been able to help them with:
- Deferred PAYE/NIC payment for 3 months
- Deferred Corporation Tax payment for 3 months
- Deferred VAT payment for 3 months
To be fair to HMRC once we got through to someone (we were on hold for 80 minutes!) they were very accommodating, didn't question anything and just got it sorted.
If you have any issues as the above then please get in touch and we can help you too. We are getting through the questions being asked on our help desk (covid19@tmtaccounting.atlassian.net) so do keep them coming.
The government grant for companies that claim Small Business Rate Relief has been updated and it does seem to be available only to organisations that are claiming SBRR.
Bristol Council has published:
"To help us prepare to make these payments, please contact us by email us with your business rate account number and quote Grant Application in the subject heading. Tell us the nature of your business and whether you prefer payment by cheque or BACS supplying your bank details."
https://www.bristol.gov.uk/business-rates/budget-2020-new-rate-discounts
South Gloucestershire hasn't mentioned this on their website but they do recommend that you cancel your Direct Debit for April Rates:
https://www.southglos.gov.uk/business/business-rates/
We would recommend that you do this for Bristol City council too.
Round two of government help:
The government announced additional help on Friday evening to help limited companies:
Support for businesses through the Coronavirus Job Retention Scheme - The government will cover up to 80% of an employees employment costs up to a maximum of £2500 per employee per month. This is for companies that cannot trade due to the virus, for example a restaurant, so instead of making employees redundant the government are trying to help employers to keep those people employed. There is a process to follow:
Discuss this with your employees, they have to agree to it after all. You will need to give them an option to be "furloughed".
VAT Payments to be deferred until January 2021.
Income Tax - Payment on account - The payment on account that would be due by the 31st July 2020 has now been deferred until 31st January 2020.
HMRC have said:
"No penalties or interest for late payment will be charged in the deferral period."
Take care,
Kieron, Ben Laura and Adam